Questions from Financial Reporting

Q: For the government-wide statements, governmental activities are to be

For the government-wide statements, governmental activities are to be presented separately from the financial statements of business-type activities. Give one example of a governmental activity and on...

Q: Why are the financial data of a component unit included with

Why are the financial data of a component unit included with the government entities reporting entity?

Q: May personal financial statements be prepared only for an individual? Comment

May personal financial statements be prepared only for an individual? Comment.

Q: What is the basic personal financial statement?

What is the basic personal financial statement?

Q: Is a statement of changes in net worth required when presenting personal

Is a statement of changes in net worth required when presenting personal financial statements?

Q: Are comparative financial statements required when presenting personal financial statements?

Are comparative financial statements required when presenting personal financial statements?

Q: When preparing a personal statement of financial condition, should assets and

When preparing a personal statement of financial condition, should assets and liabilities be presented on the basis of historical cost or estimated current value?

Q: In a personal statement of financial condition, what is the

In a personal statement of financial condition, what is the equity section called?

Q: What personal financial statement should be prepared when an explanation of changes

What personal financial statement should be prepared when an explanation of changes in net worth is desired?

Q: The same generally accepted accounting principles apply to all companies. Comment

The same generally accepted accounting principles apply to all companies. Comment.